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If I am fired from my job, do I lose my pension

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If I am fired from my job, do I lose my pension ?
Submitted: 7 years ago.Category: Tax
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Answered in 31 minutes by:
10/1/2010
Tax Professional: Robin D., Senior Tax Advisor 4 replied 7 years ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,262
Experience: 15years with H & R Block. Divisional leader, Instructor
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Robin D :

Hello and thank you for using Just Answer.

Robin D :

If you lose your job, you should request a copy of your plan’s summary plan description (SPD) and ask for an individual benefit statement. The SPD tells you if and when you can collect your benefits or how to roll over your 401(k) account to a new employer’s plan or to an IRA (if your old plan permits you to do so). The individual benefit statement lets you monitor your account balance and is an important statement to keep on file.

I sincerely XXXXX XXXXX information is helpful,

JACUSTOMER-w10001ni- :

This does not answer my question. If my husband gets fired from his position can they elect to take away his pension?

Robin D :

If he was vested 100% in all contributions he has made to a pension fund maintained by his employer he has the right to tne funds. He also has the right to the investment return on that money. He needs to ask his previous employer for a copy of the Summary Plan Description for details. Not all plans are the same so until he has the Summary Plan Descriptions and knows if he was 100% Vested he will not be able to know what his rights are under the dissmissal.



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